At 4:45 p.m. Wednesday, Duke professor Campbell Harvey joined host Neil Cavuto to discuss the stark realities of hiking the minimum wage — as detailed in the latest CFO survey.
The entire news release and results are here. But here’s a sample.
Chief financial officers in the U.S. say a hike in the minimum wage to $10 to $15 an hour (from the current federal standard of $7.25) would result in immediate layoffs and significantly curtail future hiring at firms that would be affected by these wage hikes.
These are just some of the findings of the latest Duke University/CFO Magazine Global Business Outlook Survey, which concluded September 5. The survey has been conducted for 74 consecutive quarters and spans the globe, making it the world’s longest running and most comprehensive research on senior finance executives.
And yet, progressives — led by President Obama — continue to push this government mandate on business.
To say it would be a terrible policydecision is to be kind.